BUDGET NOVEMBER 2017

BUDGET NOVEMBER 2017 – key points

From 22 November 2017, Stamp Duty Land Tax (SDLT) abolished for first time buyers on homes costing up to £300,000; no SDLT on first £300,000 of first time buyer’s purchase of homes up to £500,000.

From 29 November 2017, Marriage Allowance can be claimed to transfer the benefit of 10% of the personal allowance after the transferring spouse has died.

For tax year 2017/18, unincorporated property business landlords will have the option to use simpler fixed rate deductions for miles travelled by car, motorcycle or goods vehicle for business journeys.

From 6 April 2017, anti-avoidance measures will tackle ‘disguised remuneration’ schemes used by closely controlled companies to remunerate employees who have a material interest.

From 1 January 2018: new announcements

Indexation allowance, which gives companies relief for the effect of inflation on capital gains, will be frozen at January 2018.

The rate of the Research and Development Expenditure Credit increases from 11% to 12% with effect from 1 January 2018.

From April 2018: new announcements

Tax-free personal allowance rises from £11,500 to £11,850; threshold for 40% tax rises from £45,000 to £46,350. Rates and bands for Scottish taxpayers are still to be confirmed by the Scottish Parliament.

Employees will not be charged income tax on benefit of charging an electric car at work.

Supplement of 3% in calculating taxable employee benefit of a diesel company car will increase to 4%.

Employees with SAYE-related share option schemes will be able to take a 12-month break from saving, up from 6 months at the moment, while on maternity or paternity leave.

Abolition of Class 2 National Insurance and reform of Class 4 NIC for self-employed deferred by a year to April 2019 in order to assess impact on contributory benefits.

Freezing of VAT registration threshold at £85,000 for two years instead of normal £2,000 increase, but speculation about possible reduction in threshold was unfounded.

ISA investment limit for 2018/19 unchanged at £20,000; Junior ISA limit rises in line with inflation to £4,260.

Testimonials

When in business, one needs a great accountant. Eirian of LHP has offered just that.
The daunting experience of setting up in business was made significantly easier through LHP’s support and guidance.
The company’s strengths are their understanding of the farming industry, their attention to detail and their personal and professional service.
I have no hesitation in recommending LHP accountants as I consider Eirian to be a valued member of the team.

Samuel Carey, Milkwell Ltd.

We would like to take this opportunity of expressing our appreciation of our accountants LHP, and thanking them for taking good care of our business over a great number of years. As a family, we are the third generation with LHP, and that in itself speaks volumes.

Messrs Jones, Gilfach, Llangain - Dairy and Beef Farmers

We are a local construction company and have been using LHP for a few years. We find them to be very efficient and accessible. They are extremely pro active and give excellent advice on both accountancy and taxation matters for our business. All the staff that we have dealt with in the office are friendly and extremely knowledgeable and it is important to us that the majority of them speak Welsh.

Fabricators and erectors of steel framed buildings

S J Construction (Gwili) Ltd

We value LHP’s advice and the efficient way they undertake responsibility of the accounts and their knowledge of farming in invaluable together with the pleasant manner in which they conduct their business.

Messrs Brown, Lower Llantydwel, Tavernspite - Dairy Farmer

A large specialised building supplies company based in Cardiff requiring fully compliant ISA audit.

As a national company, trading in a highly dynamic market we required a firm of auditors who both understood our business environment and who could make a genuine contribution to our success.

LHP have more than exceeded our expectations in all these areas and have proven to become an extremely valued and trusted business adviser.

Blue Bay Building Products Ltd

I am very pleased about the accountancy services you have provided me over last several years. I understand the difference it made comparing service I received from previous accountant of another local company. What I find especially important is your easy accessibility, quick appointments, fast reply to emails which puts my mind at ease as things are then dealt with and sorted.

The accounts are prepared in a timely manner efficiently including dealing with queries from taxman which could be …

Excellent professional and practical advice on all aspects of my business and personal tax affairs – no problem is too great or too small for them to resolve.

Evans and Davies Solicitors - Solicitors Aberaeron and of The Hive Aberaeron.

LHP have shown that accounting is about more than just end of year accounts, and just as much about helping me manage my accounting needs throughout the year getting good solid tax and vat advice along the way.

They have also helped by listening when I have query and sign posting me to other services that have given me guidance on other business issues and by opening up other the business networks in financing and legal advice within an associate network throughout west Wales

Dai Nicholas

Nicholas MKTG - Experienced business consultant and manager.

Having been clients of LHP for the last 17 years or so I regard them as friends who have my best interests at heart. During this time I have always found them to be efficient, friendly and courteous and they have been extremely helpful with sound financial advice on many fronts ranging from taxation to investments.